Charlty reglstration number 1129662 (England and Wales) CHRIST CHURCH CHORLEYWOOD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
CHRIST CHURCH CHORLEYWOOD LEGALAND ADMINISTRATIVE INFORMATION Members Revd David Hall (Vicar) Revd Teren Russoff (Associate Minister) Sylvia Mann Associate Churchwarden) Jenni Hudson Mark Sullivan (Churchwarden) Jonathan Lilley Andrew Farr (Treasurer) Rue Grewal Valerie Sodeinde (Churchwarden) Peter Ashton Daniel Chapman (Appointed 12 May 2024) (Appointed 12 May 20241 (Appointed 12 May 2024) Charity number 1129662 Audltor Summers Morgan Sheraton House, Lower Road Chorleywood Hertfordshire WD3 5LH Bankers CAF Bank Ltd Kings Hill West Malling Kent ME19 4TA Legal Advlsorn Debenhams Ottaway 107 Sl Pelerfs Sl Albans Herts AL13EW
CHRIST CHURCH CHORLEYWOOD CONTENTS Page Members, report Statement of rnembers, responsibilities Independent auditorfs report 9-11 Statement of financial adlvities 12 Balance sheet 13 Stalement of cash flows 14 Notes to the financial slatemenls 15-26
CHRIST CHURCH CHORLEYWOOD MEMBERS. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The members of the PCC of Christ Church Chorfeywood in the Diocese of Sl Albans present their report and the financial statements for the year ended 31st December 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the PCC'S governing document, the Charities Act 2011 and "A¢¢ounting and Reporting by Charities.. Statement of Recommended Practice applicable to Charities preparing their accounts in a¢cordance with the FinancBI Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019}" Objectlves and activitle8 Objectives of the PCC are to cooperate with the minister in promoting in Ihe parish the whole miss ion of the Church, pastoral, evangelistic, social, and ecumenical. Our vision is to be a loving Church family which makes Christ known and is Committed to growing in discipleship. We long to see lives and our local community transformed through the power of the Gospel messag8 and the work of the Holy Spirit. The PCC is committed to enabling as many people as possible to worship at our church or join the services online, and to become part of our community. Public Boneflt When planning our activities for the year, the incumbent and the PCC have Considered the Commission's guidance on public benefit and, in particular, Ihe specific guidance on charities for the advancement of religion. Activities include.. Regular publ1¢ worship open to all Pastoral work, including visiting the sick and the bereaved Teaching Christianity through sermons, courses and small groups Provision of children's and youth work with a Christian ethos Support for the activities of Chrisl Church School Promoting Ihe whole mission of the Church through activities for senior citizens, parents and toddlers and other special needs groups Supporting other charitable activities in the UK and overseas Achlevements and performance Electoral Roll.. at the 2024 annual meeting there were 354 on the Electoral Roll (332 at the 2023 annual meeting). Sunday attendance.. On a typical Sunday in 2024, attendance was 280 adults, split beeen three services {8.30am, 10.30am and 6.00pm}. There was an average of 25 younger children (under 10) and 15 (11-16) who attended Sunday morning groups in The Junction. There are also weekday activities, with an average of 4&50 younger children, and about 40 older children attending each week. 65 attended the REAL Summer event for 11-14 year olds. The Sunday figures are taken from later in the year, as this is less affected by special events and holidays. For 2024, the numbers who attended the servi¢es in person have increased compared with 2023, $0 thal average Sunday attendance is similar to that before the pandemic. All three main services {8.30am, 10.30am and 6.OOpml are streamed live on-line, and it is noteworthy that the number of views of each service is similar to the number who attend the seNices in person. The Youth and Children's teams run sessions on Sunday mornings, as well as during the week, with over 60 children under 18 attending the combined meetings. Small groups (Home Groups, Prayer meetings. Daytime Discovery, Christians in the Workplace, Pastoral support groups), and the Young Adults group, have all continued and most of these met in person during 2024. Some groups meet online, as this suits the members better, for example a home group for those with young children.
CHRIST CHURCH CHORLEYWOOD MEMBERS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Review of the year The PCC met 10 times in 2024 with attendance averaging 900A, and all meetings were in person. Additionally, committees (Groups) of the PCC with co-opted members met during the year, to consider specific responsibilities on Finance, Mission, Facilities & Technology, and Personnel.. they met regularly and made recommendations to the full PCC. The Standing Committee did nol need to meet during 2024. Onyx Adesakin, Jimmy Christian, Duncan Kerr and Olu Olanrewaju stepped down from PCC in May 2024. Valerie Sodeinde, Peter Aston and Daniel Chapman joined from the APCM in 2024. At each meeting PCC considers reports from Ihe Groups. and votes on any actions that are recommended. Sometimes additional work or discussion is needed, but normally the recommendations are accepted. PCC now considers governance matters routinely al each meeting,. an update and regular review of Safeguarding procedures to align with those required by the Church of England and a detailed implementation plan lo maintain compliance with the GDPR procedures has been introduced. This included an extended use of Churchsuite. Grants proposed by the Mission Action Group were approved from the allocation from general church donations. This allocation was 180/0 in 2024. Grants are also made from a 200h allocation from legacy funds. The church continues to be heavily dependent on its m8mbers' God-inspired gifting, availability, experience and commitment lin time, talents and treasures) in fulfilllng its mission. Plans for tho future We have refreshed our vision with the eamest desire to seek God's help better to fulfil the Great Commission 'And Jesus came and said to them, 'All authority in heaven and on earth has been given to me. Go therefore and make dlsciples of all nations, baptizing them in the name of the Father and of the Son and of the Holy Spirit, teaching them to obsep4e all that I have commanded you. And behold, l am with you always, to tha end of the age., (Matthew 28 v18-20) Our vision is to be a loving Church family, which makes Christ known. and is committed to growing in its discipleship of Christ. We long to see lives and our local community transformed through the power of the Gospel message and the work of the Holy Spirit. We seek to make this a reality through reflecting God's GRACE as Christ centred and shaped people who are.. ROWING ... in our relationship with Christ and committed to making the Gospel known. BELEVANT . to people of all ages, backgrounds and faith journeys. ACCOUNTABLE .. to God and to each other. QOMMUNITY-MINDED ... in building a loving, welcoming, supportive and flourishing church family. EMPOWERING ... in encouraging and nurturing all to use their God-given gifts to serve and grow God's kingdom.
CHRIST CHURCH CHORLEYWOOD MEMBERS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Flnanclal review For the firsl time on five years, Ihe church has seen an overall surplus in funds inwards of £28,933 in 2024 compared to a funds Ouard of £14.009 in 2023. Overall income has increased from £745.025 in 2023 to £838,260 in 2024 or +12.SO/o. Conversely overall expenditure has increased by £50,293 or +6.6Oh. General unreslricted donations have remained broadly constant (-0.430A) but in response to an appeal to raise money for new church chairs and to support the ongoing repairs to the church in the wake of the 2023 Quinquennial r@view. a Buildings and maintenan fund was set up and restricted giving to this fund was £49,253 in 2024. Income from charitable activities- weddings, funerals, YPF events hire of room etc- increased in 2024 10 £75,929 and up from £62,580 in 20023 or +21.3 %. In addition income the renting out of three properties as wdl as interest on invested funds increased from £72,968 in 2023 to £85,702 in 2024 or +17.450/9. The church also received the first phase of a three year grant from the St Albans diocese of £20,000 in 2024 to support the acquisition of two ministry trainees from a charity the church supports in Uganda. Overall church expenditure induding mission grants has increased from £759,034 in 2023 to £809,327 in 2024 or + 8.60A. The church Parish Share increased in 2024 by £9,891, staff costs rose by £4,143 as did Ihe costs in running church events by £8,300 bul supporting a helpful and larger increase in income. Expenditure on one of the church houses of £8,790 also took place as part of improving the propety for let to tsvo church employees ljvo volunteers. However, olher costs in relation to general church running expenses were carefully controlled and hence general charilable activity expenditure only increas8d by £16,447 or + 2.50A. The larger element of funds outsvards are represented by a general increase in grants payable to UK and overseas mission partners and preferred mission organisalions. Grants increased £33,846 from £108,783 10 £142,629 or +31 Ok. Of particular note is the increase in donalions to the Bethany Church in Moldova following a specific appeal and which does much to support refugees from the Ukraine conflict. New grants were made lo the Ri¢kmansworth Food Bank, Safe International and Holy Trinity Hinkley plus there has been a general uplift in grants to established partners and charities. Net assets sland at £2.772 million al 31st December 2024. mainly represented by houses purchased to support the church's ministry and cash at bank. The portfolio is regularly reviewed against staffing and inveslrrent needs, and three houses were rented for all of 2024. All staff salaiies exceed the National Living Wage. Christ Church has adequate reserves to cover conlingencies and anticipated oufflows. and still cary a significanl balance of funds forward, currently, the ¢hurch is holding funds in bank and building society accounts sufficient to cover 3.3 months of average monthly 2024 expenditure. The Buildings and Maintenance Fund has been specifically aligned with any general repairs that are needed to the church and to buildings owned by the church as well as projects for growing our church family. Funding The church is funded mainly by the voluntary contributions of its members, enhanced by tax repayments where appropriate, but also through rental of properties. Charges made for special services li.e. weddings and funerals) are also a source of income. and Church has also hired out The Junction as a venue for local organisalions, meetings, Children's Parties etc. Proporty 59 Lower Road is held in Trust for the PCC by the Diocese of St Albans and included in the balance sheet, after revaluation by a local estate agent. 4 Berry Way and 22 Furze View are owned by the PCC as Trustees; these were fully revalued in 2022, so informal estimates of their values are included for 2024.
CHRIST CHURCH CHORLEYWOOD MEMBERS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Reserves Policy The Christ Church PCC identifies designated resep4es to cover any anticipated income deficits and also for maintenance work on the church and church properties. The PCC also gives 200A of legacies and from the Building and Maintenance fund to Mission work. These reserves are reviewed annually and will be clearly specrfied both in annual accounts and monthly management a¢¢ounts. 11 is intended that if reseNes are used as described above, the level of the reserves should be restored from an appropriate fund. Generally this will be done within the same financial year, although for some large ilems (e.g. church maintenance or repairs). this could be done over more than one financial year. At the accounting datè, free reseeS were £229,8421£194,794 for 2023). Risks Pollcy The PCC annually reviews its risks that may be registered under five headings.. Regulatory (eg Safeguarding of Children & Vulnerable Adults, Health & Safely, Data Proleclion and Employment Law),. Financial (eg fraud, loss of data or expertise and viability)., Operational (eg food hygiene and maintenance)., Organisational leg management of resources and processes)., and Insurable (eg property and accident). In terms of both likelihood and impaGI. the key risks are Regulatory and Financial, and relevant policies are reviewed annually and a person or manaJement group designated to give detailed oversight of each. Financial controls are specified to give accountability wilh diversity and confidentiality, contingency plans are in place to ensure continuity of finance management, financial reports are made to every PCC meeting, and budgets agreed before the start of each year. Safe prOdureS are established for day to day activities, and risk assessments carried out for non-standard programmes e.g. youth weekends. Finance Group of the PCC Consider all the financial risks and implications as part of its routine mèetings, and reports on these to the PCC. The Charity Commission's Big Board Talk was most Tecently completed by Ihe PCC in December 2023. Grant Making Pollcy The PCC has a policy of 9iving a minimum of 180/0 of unrestricted gift income lo the General Mission Fund which currently supports Mission work outside the Parish. The beneficiaries of this Fund are selected annually by the Mission Action Group under the delegated authority of th8 PCC. In addition the PCC may give occasional small grants for other purposes from unrestricted funds. and also dislribules restricted funds given by Ihe congregation for specific missions and projects. Grants are made directly overseas only to organisations that have been vouched for by a member ofthe Congregation and for which we ensure evidence of safe receipt. Trustee Tralnlng Policy Each PCC Member is provided on election with a welcome pack thal includes financial information and a copy of the PCC handbook. This handbook is reviewed annually and provides a commentary on Ihe responsibilities of council membership and trusleeship., it also includes a digest on how Christ Church is organised and governance exercised plus reference to further information. An interactive session is held with each new member, separately or as a group, to ensure that any quesliorss can be fully addressed.
CHRIST CHURCH CHORLEYWOOD MEMBERS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Structure. governance and management The Parochial Church Council is a Corporate body established by the Church of England. 11 operates under the Parochial Church Council Powers Measure and is registered with the Charity Commission as a charity. The method of appoinlment of PCC members is set out in the Church Representation Rules. All Church attendees are encouraged to register on the Elecloral Roll and stand for election to the PCC. Election of a PCC Member for a period of three years (or less if replacing someone who has retired early) takes place at the Annual Parochial Church Meeting,. a total of four members of the PCC (in¢luding one of the Churchwardens) are elected as represenlalives for Ihe Deanery Synod, and other members of the church who a elected to Ihe Deanery Synod arè automatically on the PCC. The election of Churchwardens takes place annually at the Annual Meeling of Parishioners. The PCC meets regularfy throughout the year, 10 times during 2024. Standing Comrniltee meets as required behveen scheduled PCC meelings, with delegated financial powers of up lo £1,500. and shares with Churchwardens Ihe management oversight, accountabilily and coordination of execulive groups Members.. Vicar, Churchwardens, Treasurer, Chairs ofAclion Groups. It did not need lo meet during 2024. The general terms of the Action Groups are.. lo pray about the particular area of our church's lrfe,. to work under the policy guidelines of the PCC., to recommend to the PCC new policy initiatives,. and to discover and use the gifts of others. The specific lerms of the action groups are.. The Facilities Managemenl Group: To be responsible for the maintenancè and development of physical resources, including church, land and buildings- furniture and equipment. Members.. Mark Sullivan (Chair), Geoff Roberts, Jonathan Lilley, Warren Tranler, Sarah Wright. The group met l¢e during 2024. The Technology Action Group - reports through the FMG. It is responsible all aspe¢ls of technology used wilhin the church. This includes the systems needed to support the work of the OtTice. Also the technology used in church seNi¢es, and for the streaming of servi5 live, as w811 as recordings for subsequent viewing. The Finance Group: To provide financial advice to the PCC and also be responsible in conjunction with the Vicar and Churchwardens for the custody and management of the parish funds in a¢¢ordance with the procedures laid down. Members.. Andy Farr (Chair and Treasurer) Onyx Ad8sakin" {Churchwarden), Valerie Sodeinde." {Churchwardenl Mark Sullivan (Churchwarden), Geoff Roberts, Stephen Johnson, Gordon Cutting, Sarah Wright (Finance Secretary). It met 8 times during 2024. The Mission Action Group.. To maintain and develop contacl and support for those engaged in mission at home and abroad, and to develop awareness of the mission al Christ Church, including making recommendations on the missionary scholarship fund and general mission fvnd allocations. Members.. Duncan Kerr, Julie Dickins (Chair lo November 2024), Neil Cooper (Chair from December 2024), Susan Cooper, Sylvia Mann and Jenni Hudson. The Mission Action Group mel 12 times during 2024. The Human Resources Care Group.. To assist the PCC in ils responsibilities as employers and carers for our employed and voluntary staff, and lo assist in their recruiting, assessment and orFgoing support. Professional HR advice is taken as needed. Members.. Sylvia Mann (Chair) David Hall Ivicarl, Mark Sullivan." (Churchwarden), Duncan Kerr, Geoff Roberts. Polly Rathbone-ward provides professional HR advice. It met 12 times during 2024. left during 2024., **. joined during 2024. Remuneratlon & Expenses of PCC Members The stipend of the Mcar (David Hall) (Terence Russoff is non-stipendiary) is paid by the Diocese out of a fund raised from parishes charged to the PCC as part of the Parish Share. The expenses excluding housing refvnded to the clergy totalled £4.594 (£4,633 in 2023). The other key managers. the Churchwardens. are volunteers, and like other PCC Members they received no remuneration or reimbursed expenses during the year, other than specific nonpersonal expenses incurred.
CHRIST CHURCH CHORLEYWOOD MEMBERS. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The members who served during the year and up to the date of signature of the financial stalements were.. Revd David Hall Ivicar) Revd Terence Russoff (Associate Minister) OnyxAdesakin Sylvia Mann Associate Churchwarden) Jenni Hudson Duncan Kerr (Diocesan Synod) Olu Olanrewaju Mark Sullivan {Churchwarden) Jonathan Lilley Andrew Farr (Treasurer) Rue Grewal Viral Christian Valerie Sodeinde (Churchwarden) Peter Ashton Daniel Chapman {R8signed 12 May 2024) (Resigned 12 May 2024) (Resigned 12 May 2024) (Resigned 12 May 2024) (Appointed 12 May 2024) (Appointed 12 May 2024) (Appointed 12 May 2024) Contrlbutlon of volunteer8 The ¢urrenl work of Chrisl Church could nol be sustained wilhoul the Contribution made by many vobnteers in all aspects of its ministry. Nearly 260 members of the congregation assist in various ways before, durirKJ and after Sunday services and wilh children's and youth work on Sundays or during the week. or as school govamors. More than 100 volunteers help lo keep the church running in numerous ways such as cleaning the linen or the brass, arranging flowers, clock winding. banking the weekly collections, building maintenance and of course serving and welcoming al the Junction. Others are involved in governancel management, largely through membership of the PCC or its committees and at least 70 conlribule lo some aspecls of pastoral ministry such as leading home groups or bereavement visiting. Unquantifiable numbers make a contribution in some form of other pastoral or community work, while a non-slipendiary minister is a member of the Clergy team. A tolal of nearly 300 people are a¢lively Involved, many having multiple roles. While it is impossible to give a precise number of hours these volunteers give beeen them, an eslimale is 2.800 hrs per month or lce the hours of the slipendiary staff and include some crucial expertise. staff Employed at 318t December 2024 Children's Minister.. Tim Butterworth Youth Minister.. Josh Sutton Worship & Young Adults Minister: Tim Koh Ministry Trainee.. Mallhew Gooseman (from October 2024) Pasloral Ministert: Tracy Brown Pastoral Assistant. Laura Joiner Pastoral Assistant. Christine Brannan Finance Secretary & Church Buildings Manager. Sarah Wright Governance & Operations Manager" Nisha Manoharan (from August 2024} Office Administrator. Bronwyn Rutter Office Administrator. Cathy Lenton Part time None of the staff employed by the PCC have any dulles concerned with goveman¢e or the generation of funds. No member of staff is paid in excess of £60,000. The average nLimber of staff employed in 2024 was 11, 5 being full time and 6 part time. The full time equivalent staff employed was 9.
CHRIST CHURCH CHORLEYWOOD MEMBERS, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Designated Funds Legacies Policy.. Legacies. nol otherwise reslricted, will be put into a designated legacy fund to be used for the general purposes of the church. al the discretion of the PCC. The intention - where circumstances make it possible and responsible - is to use legacy income for specific, identifiable projects reflecting the donor's wishes (if known). but it could also be used to meet day to day operational costs, subjed to PCC guidelines. When such income is reived, 20 % will usually be allocated to support capital Christian mission projects outside the parish, unless the donor has otherwise directed (i.e. one-off, often building. projects). Charity Grants.. A summary of all grants and donations given in 2024 to other charities is presented in the financial statements. Auditors, Fees.. The amount paid for the preparation of accounts for 2023 was £5,000 induding VAT and for the 2024 audit including preparation of accounts is £7,500 including VAT. Report on Fabrlc, Goods & Ornaments Every five years we are obliged to carry out a complete inspection of the structural condition of the church. officially known as the Quinquennial Inspection (Ql). The latest QI was in Odober of 2023, and resulted in an extremely thorough and detailed report, which was considered and accepted by the PCC. The Junction was 12 years old al that time, so we decided that it should be included in the QI. so as to identify any matters that myhl need attention in the next five years. Very few Concerns were found with The Junction, but the same could not be said of the church itself. 11 was built in 1870, and thus is over 150 years old., there are parts that are showing their age. The QI identified over 50 items Ihat need attention, 8nd very helpfully suggested timeframes oveT which the work should be done,. some needs altenlion within 6 months, other parts over 18 months, and some before the next quinqu8nnial (2028). Other than the main fabric, routine maintenance of Ihe church is done to keep everything in good condition. Some of this can be done by volunteers, bul often specialist skills are needed from an approved lisl of contractors. Initial urgent work was carried out in 2024 and cost £11,800 and a Buildings and Maintenance Fund was set up to allow members to contribute directly to the important maintenance work scheduled to be undertaken from 2024 - 2029. The members, report was approved by the Board of Members. Revd David Hall (Vicar) Vicar & Chaimian Date..
CHRIST CHURCH CHORLEYWOOD STATEMENT OF MEMBERS, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2024 The members are responsible for preparing the Members, Report and the financial statements in accordance with applicable law and United Kingdom Accounling Standards (United Kingdom Generally Accepted A¢UntIng Practice). The law applicable to charities in England and Wales requires the members to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the PCC and of the incoming resources and application of resources of the PCC for that year. In preparing these financial statements, the members are required to.. select suitable accounting policies and then apply them consistently: observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent., stsle whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriale to presurTE that the charity will continue in operation. The members are responsible for keeping sufficient a¢counling records that disclose with reasonab accuracy at any time the financial position of the PCC and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Ac¢ounls and Reports) Regulations 2008 and the Parochial Church Council Powers Measure11956}. They are also responsible for safeguarding the assets of the PCC and hence for taking reasonable steps for the prevenlion and detection of fraud and other irregularities. The law applicable to ¢harities in England and Wales requires the members lo prepare financial statements for each financial year which give a Inje and fair view of the state of affairs of th8 PCC and of Ihe incoming resources and applicalion of resources of the PCC for that year. In preparing Ihese financial statements, the members are required to.. select suitable accounling policies and then apply them consistently.. obseNe the methods and principles in the Charilies SORP,. make judgements and estimates that are reasonable and prudenl., state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial slalements., and prepare the financial statements on the going concern basis unless it is inappropriale to presume that the charity will continue in operation. The members are responsible for keeping sufficient accounting records that disclose with reasonab accuracy at any time the financial position of the PCC and enable them to ensure that Ihe financial statements ojmply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the PCC and hence for taking reasonable sleps for Ihe prevention and detection of fraud and other irregularities.
CHRIST CHURCH CHORLEYWOOD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHRIST CHURCH CHORLEYWOOD Oplnion We have audited the financial slatemenls of Christ Church Chorleywood (the 'PCC') for the year ended 31 December 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes lo the financial stalements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial stalemenls.. give a true and fair view of the state of the charity's affairs as at 31 December 2024 and of its incoming reSoUrS and application of resources, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practi(%; and have been prepared in accordance with the CharitiesAct 2011, Bas18 for opinlon We conducted our audit in accordance with International Standards on Auditing {UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs Trsponsibilities for the audit ol th8 financial statem8nts section of our report. We are independent of the PCC in accordance with the ethical r8quirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions latIng to going ¢oncern In auditing the financial slalemenls, we have concluded that the members, use of the going concern basis of accounting in the preparation of the financial slalements is appropriate. Based on the work we have performed, we have not identified any malerial uncertainties relating to events or conditions Ihal, individually or ¢olleclively, may cast significant doubt on the PCC'S ability to continue as a going concern for a period of at least e1v8 monlhs from when the financial slalements are aulhorised for issue. Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report. Other Infomiatlon The other information comprises the inforniation included in the annual report other than the financial statements and our auditor's report thereon. The members are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otheiSe appears to be malerially misslated. If we identify such material in¢onsistencies or apparent material misstatements, we are required to determine whether this gives rise to a malerk81 misstatement in the financial slalemenls themselves. If. based on the work we have pérformed. we conclude that there is material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are requlred to report by exceptlon We have nothing to report in respect of the following matters in relation to which Ihe Charities (Accounts and Reports) Regulations 2008 requires us to report lo you if, in our opinion.. the information given in the financial slalements is inconsistent in any material respect with the members, report., or sufficient accounting records have nol been kept,. or the financial statements are not in agreement with the accounting records., or we have not received all the information and explanations we require for our audit.
CHRIST CHURCH CHORLEYWOOD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF CHRIST CHURCH CHORLEYWOOD Rèsponsibilities of members As explained more fully in the stalement of members. responsibilities, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such inlemal control as the members delermine is necessary lo enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial slatements. the members are responsible for assessing the PCC'S ability to continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the members either intend to cease operations. or have no realislic alternative but lo do so. Auditorfs responsibilltles for the audit of the financlal Statements We have been appoinled as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain r8asonable assurance about whether the financial statements as a whole are free from material misstatement, whether dLte to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misslatement when it exists. Misstatements can arise from fraud or error and are considered material rf. individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design prOdUreS in line wilh our responsibilities, outlined above, lo delecl malerial misstalemenls in resped of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. Extent to which the audit was consldered capable of detecting Irregularltle8, includlng fraud Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows. the engagement partner ensured that the engagement team ¢olleclively hdd the appropriate competen, capabilities and skills to identify or recognis8 non-compliance with applicable laws and regulations; and we identified the laws and regulalions applicable to the company through communications with trustees and other management, and from our knowledge and experience of the sector., and we focused on specific laws and regulations which we considered may have a direct material 8ffect on the financial stalements or the operations of the company, including the Charities Act 2011. the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council., and we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management.. and identified laws and regulations were communicated within the audit team and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the charity's financial statements to material misstatement, including oblaining an understanding of how fraud might occur, by.. making enquiries of management as to where they considered there was susceplibilily to fraud, their knowledge of actual, suspected and alleged fraud., and considering the internal Controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we.. performed analytical procedures to identify any unusual or unexpected relalionships., and tested journal entries to identify unusual Iransaclions; and investigated the rationale behind significant or unusual transadions. 10-
CHRIST CHURCH CHORLEYWOOD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF CHRIST CHURCH CHORLEYWOOD In response to the risk of irregularities and non-compliance with laws and regulations. we designed procedures which included, but were not limited to.. agreeing financial statement disclosures lo undertying supporting documentation.. and enquiring of management as to actual and potential liligalion and claims., and enquiring of management as to income due lo ensure income was reported in the correcl period. Theie are inherent limitats'ons in our audit procedures described above. The more removèd that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify rson-compliance with laws and regulations to enquiry of the members and management and the inspection of re9ulalory and legal correspondence, if any. As part of an audit in accordance wlth ISAS (UKI, we exercise professional ludgment and maintain professional scepiicism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial statements. whether due to fraud or error, design and perform audit procedures responsive lo those risks, and obtain 8udil evidence that is sufficiènt and appropriate to provide a basis for our opinion. The risk of not delecling a material misstatement resulting from fraud Is higher than for one Tesulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresenlalions, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures Ihal are appropriate in the circumstances, bul not for the purpose of expressing an opinion on the effectiveness of th8 charity's intemal control. Evaluate the appropriateness of accounting pollcles used and Ihe reasonableness of accounting esllmates and related disclosures made by the members. Conclude on the approprfatenes$ of the members, use of the golng concem basis of acGounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubl on the charity's ability to continue as a golng concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor'5 report to the related disclosures In th8 financial statements or, if such disclosuTes are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to Ihe date of our auditor's report. However, future events or conditions may cause the charity lo cease lo continue as a going concem. Evaluate the overall presentation. structure and content of the financial slalemenls, Including the disclosures, and whether the financial statements represenl the underlying transactions and events in a manner that achieves fair presentation. Use of our report This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports} Regulations 2008. Our audit work has been undertaken so that we might stale lo the charity's trustees those matters we are required lo state lo them in an auditor's report and for no other purpose. To the fullest extent permilled by law, we do not accept or assume responsibility to anyone other than the Charity and the chanly's trustees as a body, for our audit work. for this report, or for the opinions we have formed. Nlcholas Corden ACA (Senior Statutory Audllor) for and on behalf of Summers Morgan Chartered Accountants statutory Auditor iilk SLLWL IOL4 Sheraton House, Lower Road Chorfeywood Hertfordshire WD3 5LH Summers Morgan is eligible for appointment as audrtor of the PCC by virtue of ils eligibllity for appointment as auditor of a company under section 1212 ofthe Companies Act 2006.
CHRIST CHURCH CHORLEYWOOD STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestrlcted Deslgnated Restrlcted Endowment funds funds funds funds general 2024 Total Total 2024 2024 2024 2024 2023 Notes Donations and legacies Income from charilable adivilies Investments Other income 577,566 1,300 86,013 664,879 606,285 64,512 85,702 11,750 11,417 75,929 85,702 11,750 62,580 72,968 3,192 Total Income 739,530 1,300 97,430 838,260 745,025 Charitable activity expenditure 633,454 129,046 46,827 809,327 759,034 Net Incomel lexpenditure) before transfern 106,076 (127,746) 50,603 28,933 (14,009> Gross transfers beeen funds 1121,921) 119,672 2,249 Net {expendlture)Ilncome for the yearl Net movement In funds (15,845) {8,074) 52,852 28,933 (14,009) Fund balances at 1 January 2024 94,259 2,368,900 6,671 274,057 2,743,887 2,757,896 Fund balances at 31 December 2024 78,414 2,360,826 59,523 274,057 2,772,820 2,743,887 The statement of financial activilies includes all gains and losses recognised in the year. The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 12-
CHRIST CHURCH CHORLEYWOOD BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Flxed assets Tangible assels Inveslment properties 12 13 23,071 2,525,000 17,922 2,525,000 2,548.071 2,542,922 Current assets Slocks Debtors Cash at bank and in hand 14 15 320 24,778 229,842 320 30,470 185,941 254,940 216,731 Credltors: amounts falllng due withln one year 16 (30,191) (15.766) Net current assets 224,749 200,965 Total assets less current Ilabllltles 2,772,820 2,743,887 Capitsl funds Endowment funds Income funds Restricted funds 274,057 274,057 18 59,523 6,671 General designated funds Revaluation reserve 1,297,807 1,063,019 1,305,881 1,063,019 Total designated funds Unrestricted funds - general 2,360,826 78,414 2.368,900 94,259 2,772,820 2,743,887 The financial slatements were approved by the Members on Re avid Hall (Vicar) Trustee An Trustee Farr asurer) 13-
CHRIST CHURCH CHORLEYWOOD STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Cash flows from operating activities Cash absorbed by operations 22 (27,353) (114,962) Investlng actlvities Purchase of tangible fixed assets Proceeds from disposal of tangible fixed assets Investment Income received (14,448) (4,506) 4,600 72,968 85,702 Net cash generated from Investlng actlvltles 71,254 73,062 Flnanclng activlties Repayment of bank loans (83,693) Not cash used in flnanclng activitle8 (83,693) Net Increasel{decroase) In cash and ¢ash equlvalents 43,901 (125,593) Cash and cash equivalents at beginning of year 185.941 311,534 Cash and cash equlvalents at end of year 229,842 185,941 14-
CHRIST CHURCH CHORLEYWOOD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pollcies Charity informatlon Christ Church Chorleywood is a Parochial Church Council (PCC) that was registered with the Charity Commission on 15 May 2009. The address of the registered office Can be found on the legal and administrative page. 1.1 Accounting conventlon The financial statements have been prepared in accordance with the PCC'S governing document. the Charities Act 2011 and 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities pr8paring their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (as amended for accounting periods commencing from 1 January 2019). The PCC is a Public Benefit Entity as defined by FRS 102. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the exlent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling. which is the functional currency of the PCC. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, Imodified lo include the revaluation of freehold properties and to include investment properties and certain financial instruments al fair valuel. The principal accounting policies adopled are sel out below. 1.2 Going concern At Ihe lime of approving the financial stalemenls, the members have a reasonable expectation Ihat the PCC has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricled fvnds are available for use al the discretion of the members in furtheran of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are sel out in the notes to the financial slatemenls. Endowment funds are subject to specific conditions by donors thal the capital must be maintained by the pcc. 1.4 Income Income is recognised when Ihe PCC is legally entitled to it after any perf0rrnan Conditions have been met, the amounts can be measured reliably, and il is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the PCC has been notified of the donation. unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donalion. Legacies are recognised on receipt or olhetwise if the PCC has been notified of an impending distribution. the amount is known, and receipt is expecled. If the amount is not known, the legacy is treated as a contingent asset. 15-
CHRIST CHURCH CHORLEYWOOD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies 1.5 Expendlture Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit lo a Ihird party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is Classified by activity. The cosls of each activily are made up of the total of direct costs and shared cosls, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one aclivity and support costs which are not attributable to a single activity are apportioned beeen those activities on a basis Consistent with the use of resources. C8nlral staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. Resources used are included on an accruals basis inclusive of VAT, which is not recoverable. Grants and Donations for missionary and charitable giving are accounted for when paid over, or when awarded, if that award creates a binding obligatiors on the PCC. 1.6 Tanglble flxed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of d8preciation and any impairment losses. Individual items costing more than £2,000 are capitalised. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Church equipment over 6 years, straight line Freehold land is not depreciated. Fre8hold buildings are not depreciated on the grounds Ihat th8r remaining useful lives exceeds 50 years and therefore any depreciation charges would be immaterial. The gain or loss arising on the disposal of an assel is determined as the difference beeen the sale proceeds and the carrying value of the asset, and is recognised in net incomellexpenditure) for the year. Consecraled and beneficed property of any kind is excluded from the financial statements by s.10(2){a) and {c) of the Charities Act 2011. Movable ¢hur¢h furnishings and Èquipment acquired Sin 1st January 2002 have been capilalised and depreciated in the financial stalemenls over their currenlly expected useful economic life (Initially over 6 years} on a slraight-line basis. All expenditure incurred in the year on consecraled or benefice buildings. individual items under £2,000 or on the repair of movable church furnishings acquired before January 2002 is written off as incurred. Land and buildings owned by the PCC are shown on a valuation basis and are revalued with suffi¢ienl regularity to ensure that the carrying amount does not materially differ from the fair value al Ihe balance sheet date. 1.7 Investment properties Investment property, which is property held to earn rentals andlor for capital appreciation, is initially recognised at cost, which includes Ihe purchase cost and any directly attributable expenditure. Subsequently it is measured al fair value at the reporting end date. The surplus or deficit on revaluation is recognised in net incomel(expenditure) for the year. 1.8 Stocks Stock is shown at the lower of cost or net realisable value. 16-
CHRIST CHURCH CHORLEYWOOD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies 1.9 Employee benerts The church operates a stakeholder pension scheme for employees, to which Ihe employer also contributes. An aulo-enrolment scheme started on 1st April 2017. The annual contributions paid are charged against income. Donatlons and legacles Unrestrlctsd Unrestricted Restricted funds funds funds general Oeslgnated 2024 2024 Total Total 2024 2024 2023 Taxed standing orders & other donations Collection envelopes & olher gift aid Income lax recoverable on SO & gift aid Untaxed standing order l GAYE Collections of loose cash & other donations Legacies 417,786 21,768 100 65,052 3,151 482,938 24,919 446.335 16,528 104,133 31,699 14,410 3,400 118,543 35,199 108,646 32,792 100 2,180 2,180 1,100 1,984 4,500 1,100 For the year ended 31 Decembor 2023 577,566 1,300 86,013 664,879 606,285 17-
CHRIST CHURCH CHORLEYWOOD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from charitable actlvities 2024 2023 Weddings Funerals YPF Events Hire of rooms Junction events Toddlers Bookstall Other trading income 3,365 6,816 7,101 30,466 17,508 1,539 1,340 7.794 5,129 6,722 4,276 28.050 10.966 1,201 1.211 5,025 75,929 62,580 Analysis by fund Unrestricted funds - general Restflcted funds 64,512 11,417 57,284 5.296 75,929 62,580 Income from Investments Unrestricted Re8trlcted funds fund8 2024 2024 Total Unrestricted Restrlcted funds funds 2023 2023 Total 2024 2023 Other income Interest receivable 81,576 4,126 81.576 4,126 69.225 3.731 69,225 3,743 12 85,702 85,702 72,956 12 72,968 18-
CHRIST CHURCH CHORLEYWOOD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Other income Unrnstricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Net gain on disposal of tangible fixed assets Olher income 800 600 2,592 11,750 11,750 2,592 11,750 11,750 2,592 2,592 Charltable activity expenditure 2024 2023 Staff costs Depreciation and impairment Parish share Hous8 repairs & maintenance House mortgage interest Church running expenses Church training and mission Pastoral care Resources for work with young people Resources for work with children Charitable activily costs (in relation lo note 3) servIs costs Office expenses Equipment costs Bank charges Independent examinalionlaudit 243,456 9.299 224,126 21,495 239,313 7,554 214,235 12,705 1,678 70,905 7,145 3,359 2,430 3,533 19,863 47,280 8,165 6,583 443 5,060 87,332 6,233 2,587 3,950 3,736 28,163 35.035 6.620 5,418 224 9,024 666,698 650,251 Grant funding of activities (see note 7) 142,829 108,783 809,327 759,034 Analysis by fund Unreslricted funds general Unrestricted funds - Restricted funds 633,454 129,046 46,827 623,867 101,788 33,379 809,327 759,034 Included in independent examinationlaudit is £3.000 for accounts preparation services (2023.. £3,000). 19-
CHRIST CHURCH CHORLEYWOOD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Grants payable 2024 2023 ACET Age Concern Gerrards Cross Belhany Church Moldova Christian Solidarity Worldwide Church Army Church Misison Society Church Pastoral Aid Society Church Urban Fund FEBA Radio GEM UKAppells Haggai Instilute Health and Hope Holy Trinity Hinckley Jenga Langham International London School ofTheology Malawi Mission Mill End Community Twst Mission Aviation Fellowship OM Meads Onelife Open Doors Partnership Trust - Ellard Peace Hospice Philo Trust Prison Fellowship Restore Hope Latimer Royal 8rilish Legion Safe International (Formerly Kenyan Childrens Project) St Barnabus Scripture Union Shevel A¢him Tearfund TEFT (Kisima School) Watford & Three Rivers Trust Walford New Hope Trust Wycliffe BT - Broomhall Wycliffe BT - Wilson 3,000 200 18,208 3,000 3,000 2.000 2.000 3,000 3.500 14,761 2,500 4,500 2,500 9,114 3,000 2.000 3.000 7,845 3,000 3,000 2,000 2.000 3,000 1,500 9.700 2,500 3,000 9,225 3,000 2,000 300 1,700 4,500 5,340 2,000 3,500 300 1,500 5,140 2,000 1,000 300 300 3,300 1,000 1,500 4,800 5,250 3,500 303 7,353 3.000 250 2,000 7,423 4,000 3,000 3,000 3,300 6,550 5,150 2,000 4,500 4,500 3,000 4,500 1,250 8,050 142,629 108,783 All grants were paid to institutions. 20-
CHRIST CHURCH CHORLEYWOOD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Net movement in funds 2024 2023 The net movemenl in funds is stated after chargingl(crediting)- Fees payable for the audit of the charity's financial statemenls Depreciation of owned tangible fixed assets Lossllprofill on disposal of tangible fixed assets 9,299 7,554 (600) Members None of the members (or any persons connected wilh them) received any remuneration or benefits frcffl the PCC during the year. 10 Employees The average monthly number of employees during the year was: 2024 Number 2023 Number 10 11 Employment costs 2024 2023 Wages and salaries Social security costs Other pension costs 222.202 12,738 8,516 221,843 10.655 6,815 243,456 239,313 There were no employees whos8 annual remuneration was more Ihan £60,000. 11 Taxation The charity is exempt from taxation on ils activities because all its income is applied for charitable purposes. 21
CHRIST CHURCH CHORLEYWOOD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 12 Tangible fixed assets Church equSpmont Cost or valuation At 1 January 2024 Additions 116.603 14,448 Al 31 December 2024 131,051 Depreclatlon and Impaimient At 1 January 2024 Depreciation charged in the year 98,681 9,299 At 31 December 2024 107,980 Carying amount At 31 December 2024 23,071 At 31 December 2023 17,922 13 Investment property 2024 Fair value Al 1 January 2024 and 31 December 2024 2,525,000 Investment property comprises 3 houses in Chorleywood, 4 Berry Way, 22 Furze View, and Little Croft 59 Lower Road. The investment properties were last professionally revalued in April 2023 by John Roberts & Co, Chartered Surveyors, who are not connected with the PCC. This year's valuation was made by the trustees on an estimate of open market value. The properties are owned.. 2024 2023 Freehold 2,525,000 2,525,000 -22-
CHRIST CHURCH CHORLEYWOOD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 14 Stocks 2024 2023 Finished goods and goods for resale 320 320 15 Debtors 2024 2023 Amounts falling due wlthln one year: Other debtors 24.778 14,470 2024 2023 Amounts falllng due after more than one y•ar: Other debtors 16,000 Total debtorn 24,778 30,470 Included in total debtors is £20,000 loaned to a trust for the School House which is expected to be paid over 5 years. 16 Credltors: arnounts falllng due wlthln one year 2024 2023 Other creditors ArLruals and deferred income 10,334 19.857 2,579 13,187 30,191 15,766 17 Retirement benefit scheme8 2024 2023 Doflned ¢ontrlbution schemes Charge to profit or loss in respect of defined contribution schemes 8,516 6,815 The PCC operales a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those ofthe PCC in an independently administered fund. -23-
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CHRIST CHURCH CHORLEYWOOD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 20 Analysis of net assets between funds Unrestricted Deslgnated Restri¢ted Endowment funds funds funds funds 2024 2024 2024 2024 Total Total 2024 2023 Fund balanS at 31 December 2024 are represented by.. Tangible assets Investment properties Current asselsl{liabilities) 23.071 2,250,943 86.813 23,071 17,922 274,057 2,525,000 2.525.000 224,749 200,965 78,413 59,523 78,413 2,360,827 59,523 274,057 2,772,820 2,743,887 21 Related party tran8actlon8 During 2024 the church reiVed £50,027 (2023 £71,084) in donations from its PCC members. Of these donations £709 (2023 £1,105) were to restricted funds. The donors did not attach any conditions to the gifts which required the church lo significantly aller the nature of its existing activities. 22 Cash ab80rbod by operation8 2024 2023 Surplusl(deficit) for the year 28,933 {14,009) Adjustments for: Investment income recognised in slatemenl of financial activities Gain on disposal of tangible fixed assets Depreciation and impairment of tangible fixed assets (85,702) 172,968> (600> 7,554 9,299 Movements in working capilal: Decreasel(increase) in debtors Increasel(decrease) in creditors 5,692 14,425 (15,734) (19,205) Cash absorbed by operatlons (27,353) (114,962) 23 Analysls of changes In net funds The PCC had no malerial debt during the year. -26-